Railroad operator sees increased revenue

Greenwich-based railroad operator Genesee & Wyoming’s first-quarter net income soared at the beginning of 2013 thanks to a large income tax benefit.

President and CEO Jack Hellmann said in a recent statement that Genesee & Wyoming Inc. had increased lumber and forest products shipments in the U.S. as the housing market continues its recovery and significant growth in crude-by-rail shipments on the West Coast and Gulf Coast.

The company earned $804.4 million, or $1.46 per share, for the three months, ending March 31. That compares with $22.2 million, or 52 cents per share, in the prior-year period. The current quarter included an income tax benefit of $24.9 million, while the year-ago period included an income tax provision of $12.3 million.

Removing a tax credit, the RailAmerica integration costs and other items had earnings at 87 cents per share. Analysts predicted earnings of 89 cents per share, according to a FactSet survey.

Operating revenue for the Greenwich company surged 81% to $375.2 million from $207.4 million, helped by revenue from new operations. Wall Street was looking for revenue of $384.4 million. Additionally, first-quarter traffic rose 4.5% to 450,304 carloads.

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